The OLD and Worn Out Shoes That Sold For $190,373 And WORTH Every Penny. Here is Why...
Today I am feeling a bit nostalgic. It is the 20 year anniversary of one of the greatest NBA finals performance in history. It was the Jordan led Chicago bulls vs The Utah Jazz powered by 2 all time great Hall of Famers Karl Malone and John Stockton. Karl Malone was the reigning league MVP and John Stockton would later become the all time assists and steals leader in the NBA.
It was Game 5 of the finals and Jordan had severe flu like symptoms during the game. He got food poisoning the night before and was physically drained. Jordan with a performance of a lifetime and seeming near death during the game played 44 minutes of a possible 48 minutes in the game leading a comeback from 16 points down.
In the last minute of the game Michael Jordan led his team past the very tough Utah Jazz. Right after the game Jordan completely exhausted collapses into the arms of teammate Scottie Pippen. It was an Iconic moment and sealed Jordan's legacy of the Greatest of all time.
His sheer will and absolute refusal to lose led his to team to victory and an NBA World Championship. It made me a fan for life. I feel very privileged to have actually see Michael Jordan play live on the court in my lifetime.
The Value of Shoes - The Relevance As a Source of Currency - And How Michael Jordan BUILT The Shoe Market...
It is very intriguing for me to see the value of shoes these days. In my younger days the shoes we got were whatever was on sale. But in today's world much like the cryptocurrencies we love to buy and trade the 4.2 billion a year shoe industry has it's own market, value, and pseudo currency. You can just search ebay, amazon, and even google to see the high demand market for Jordans, Lebrons, and on a lesser scale Steph Curry and Kevin Durant footwear.
I even see them being sold on Craiglists and Garage Sales....USED. It blows my mind that someone would want to spend good money on another mans WORN shoes. But why is that? Average sneakers are from $160 top the mid $200's. And they SELL! And typically to a segment of consumers you would not think have a lot of resources.
But how did this come about? Michael Jordan! He in my opinion complete changed the landscape of the footwear industry and the funny thing it was almost NOT to be. Michael Jordan wore Converse throughout college and the Olympics.
Converse Fastbreak Mid
The Converse Fastbreak Mid are the very shoes he wore during that period and the last time he wore them were during the 1984 Olympics during a game against Spain. The shoe back then cost under $50. These shoes worn by Jordan SOLD at auction for $190,373 and I think WORTH every cent. This is why: Not only is it a piece of history from the Greatest athlete of all time. But it is a historical peace that would pave the way for the footwear industry and modern culture.
Jordan originally had ZERO interest in Nike. He wanted to wear Converse. A shoe he was comfortable with. Converse offered him $100,000 a year. The same amount of money being paid to Superstars Magic Johnson and Larry Bird at the time. And Jordan has not even played a single NBA game yet.
However Nike knowing they had a star in the making offered Jordan an unbelievable $500,000 a year with stock options worth an additional $5,000,000 over five years and a promise to make his own Signature Shoe. It was the best investment Nike ever made as in the first 2 months of the release of his shoe Nike grossed $70 million dollars.
And thus History was made. Today Michael Jordan still makes over $100 million a year from sales and related endorsements and according to Forbes the Jordan brand makes up 58% market share of the $4.2 billion a year industry.
The Michael Jordan shoe business continues to be a great success long after he has retired as his shoes continue to sell at incredible rates.
Nike Mens Air Jordan 12 Retro "Flu Game"
The above shoe is the legendary Nike Mens Air Jordan 12 Retro "Flu Game" sneaker. The shoe Jordan wore during the Game 5 of the 1997 NBA finals. This 4th generation release of the retro shoe that has been out over a year and has grossed over $20 million dollars.
Air Jordan 1 Retro Royal
Air Jordan 1 Retro Royal
The above Air Jordan 1 Retro Royal has grossed over $3 million dollars the last 2 month. The original Air Jordan 1 Royal was released in 1985 BUT was NEVER worn on the court by Jordan.
This Air Jordan 1 Bred Retro
This Air Jordan 1 Bred Retro has done over $7 million in sales since last September. The original Jordan 1 Bred was released in 1985 and was the shoe Jordan wore on the court. The total sales on this original shoe was over $100 million dollars and was a Game Changer for Nike. The cost of these shoes back them was $64.95.
The above shoe is one of the most popular to date. It is the Air Jordan 11 Space Jam Retro has grossed over $10 million dollar in sales since last December. The shoe originally worn in game 4 of the 1995 (game played in 1996) NBA Eastern Conference Finals pitted the Jordan led bulls against the Orlando Magic featuring Shaquille Oneal and Penny Hardaway. Jordan shocked the audience and snapped necks and the shoe got its official release and made history. To this day this shoe has the highest grossing release sales.
All in all I find it very intriguing what has perceived value and what does not to different groups of people. I am not a big shoe person but I respect what people value and the beauty of supply and demand. Much like the crypto market. I love it and see it as the future. Decentralized currency is the going to be the future. Others do not value or understand it. "What the heck is a blockchain?" What exactly is that token? hahaha. But I love different types of value and other peoples ideas and thoughts of value.
Would love to know what you think. Thanks for reading!
Love to all!